Deficit won't be eliminated even by 2017

Peter Spence is an independent researcher and writer. He is a former Online Writer at City A.M.

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Peter Spence

The deficit has only been reduced by £45bn (or a third) since the beginning of the coalition. Chancellor George Osborne says that borrowing will fall to £87bn in last year of parliament and to £42m by 2017.

Osborne says that given weak economic conditions in Europe he thinks further cuts would be a mistake.

Massive budget deficits for years to come, until way into next Parliament. National debt going up even faster